Ethereum price bounced back after testing the $157.50 support area. ETH is currently trading nicely above $160.00 and it could break the $165.00 resistance in the near term.
- Ethereum price corrected again, but the $157.50 support protected a downside break.
- A strong support forming near $160.00 and a connecting bullish trend line on the 30-minute chart.
- ETH price remains supported on dips and it could soon make an attempt to surpass $165.00.
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Ethereum Price Analysis (ETH to USD)
Recently, there was a steady decline in Ethereum price below the $162.00 and $160.00 support levels. ETH price tested the $157.50 support area and formed a swing low at $157.01. It recovered in the past few hours and traded above $162.00.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair broke the last swing high at $164.50 and traded to a new intraday high at $166.27. However, the $165.00-166.00 resistance area acted as a strong barrier and prevented more upsides.
The price is currently correcting lower and testing the 23.6% Fib retracement level of the recent upside from the $157.01 low to $166.27 high. On the downside, an immediate support is at $162.00 and the 25 simple moving average (30-min).
However, the main supports are near $162.00 and $160.00. There is also a connecting bullish trend line forming with current support at $159.80 on the same chart.
Besides, the 50% Fib retracement level of the recent upside from the $157.01 low to $166.27 high at $161.71 might act as a support. Therefore, dips from the current levels are likely to find bids near the $162.00 or $160.00 support area.
If the bulls fail to keep the price above the $160.00 support, there is a risk of a downside break below the $157.50 support as well.
Conversely, if Ethereum price stays above the $160.00 support area, there are high chances of an upside break above the $165.00 and $166.00 resistance levels. The next key resistance is near the $170.00 level, where sellers might appear.
The market data is provided by TradingView, Bitfinex.